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Trade Date: 1/17/2018 Commentary (delayed until 10.20 AM ET)
ZN R1-R4: 122-28-122-295, 122-315-123-005, 123-02-123-05, 123-08-123-12
ZN S1-S4: 122-1225-122-25, 122-16-120, 122-08-122-12, 122-00-122-04
ZN/ZB Comments: The ES is pointed higher and TSY’s are trading lower. The inverse relationship between equities and TSY’s is intact OVN and is likely to continue for the first couple of hours this morning. Actual and anticipated higher interest rates have taken TSY’s lower. The Fed’s guidance has projected 3 interest rate hikes this year. Fed Governor Evans in a speech said that given the data the Fed may wait till June to raise rates as opposed to the expected bump in March. We will see. Little news OVN. We have news this morning that could move the mkts. Today’s news: Industrial Production is expected at +.4%, Manufacturing Production at +.3%, Capacity Utilization at 77.3, Housing Mkt Index at 73.0 and the Beige Book. The focus will be Industrial Production, the Beige Book and the direction of equities. Resistance begins at 122-28/123-00 and support is at 122-16/20 as the mkt opens. I like the sht side first. If 122-16/20 holds, I can trade from the long side. First sell is 122-27/31 followed by 123-03/07. Cover at 12221 OB. First buy is 122-17/21 followed by 122-09/13. Exit at 122-31 OB.
ZB R1-R4: 150-23-150-24, 150-27-150-29, 150-31-151-02, 151-06-151-12
ZB S1-S4: 150-14-150-17, 150-10-150-12, 150-04-150-08, 149-27-150-01
ES R1-R4: 2794-2796, 2798-2800, 2805-2809, -
ES S1-S4: 2787-2790, 2784-2785, 2780-2782, -
ES Comments: Yesterday’s selling came to an end OVN in the ES. Equities round the globe are mixed. That said, the US equity mkts usually start the global moves. IF the US mkts rally today, I believe that equities round the globe will resume their rallies too. The economy is expected to grow by 3% or more in 2018. The tax cuts will increase corporate EPS and domestic investment. The proposed infrastructure bill will add to this growth via the construction sector. Buy stks! Little news OVN. Today’s news can move the mkts. Today’s news: Industrial Production is expected at +.4%, Manufacturing Production at +.3%, Capacity Utilization at 77.3, Housing Mkt Index at 73.0 and the Beige Book. The focus will be Industrial Production and the Beige Book. Resistance begins at 2795/2800 and support is at 2782/86 as the mkt opens. I like the long side of the mkt first. IF 2795/2800 does hold as resistance, I can turn seller. First buy is 2788/90 followed by 2783/85. Exit at 2799 OB. First sell is 2794/96 followed by 2799/2801. Cover at 2786 OB.
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